Money is
a. whatever is generally accepted in exchange for goods and services.
b. an object to be consumed.
c. a highly illiquid asset.
d. widely used in a barter economy.
A
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A factor of production refers to any good or service that is:
A) produced by the government. B) produced in a competitive market. C) used to produce other goods and services. D) produced using scarce economic resources.
When a firm is regulated so that its price enables it to earn a specified target percent return on its capital, the regulation is called
A) rate of return regulation. B) price cap regulation. C) earnings limited regulation. D) target pricing regulation.
What is the key assumption about a consumer's marginal rate of substitution?
What will be an ideal response?
Which of the following is the largest measure of money in the United States?
A) Federal Reserve notes B) definitive money C) M1 D) M2